by Charles W.L. Hill
Chapter 1
Globalization
Introduction
In the world economy today, we see• fewer self-contained national economies with high barriers to cross-border trade and investment • a more integrated global economic system with lower barriers to trade and investment • about $4 trillion in foreign exchange transactions taking place everyday • (in 2012) over $18.2 trillion of goods and some $3.5 trillion of services being sold across national borders • the establishment of international institutions

http://www.ge.com/

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Chapter 1: Globalization

Effects of globalization can be seen everywhere:

• the cars people drive
• the food people eat
• the jobs where people work
• the clothes people wear
•
Chapter 1: Globalization

WHAT IS GLOBALIZATION?
•
Globalization refers to the shift towards a more integrated and interdependent world economy. Two key facets:
• the globalization of markets
• the globalization of production
Chapter 1: Globalization
The Globalization of Markets

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Globalization of markets: the fact that in many industries historically distinct and separate national markets are merging into one huge global marketplace in which the tastes and preferences of consumers in different nations are beginning to converge upon some global norm.

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• The advantages of global market we can introduce our product by using advertising:
➢ Economies of scale in production and distribution
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➢ Power and scope
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